Auto Trendline Fibo Dow Theory
- Göstergeler
- Suriya Thammalungka
- Sürüm: 1.0
- Etkinleştirmeler: 10
Auto Trendline Fibo Dow Theory - Automated Price Action & Structure Analysis
Overview: Stop drawing manual trendlines and Fibonacci retracements! Auto Trendline Fibo Dow Theory is a powerful price action utility designed to automate your technical analysis based on the classic Dow Theory and Fibonacci ratios.
This indicator scans market structure using a customizable ZigZag algorithm to identify higher highs, higher lows (Uptrend), or lower highs, lower lows (Downtrend). It automatically plots the correct Trendline and applies Fibonacci Retracement levels to the most recent price swing, helping you identify potential entry zones instantly.
Key Features:
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Automated Dow Theory Trendlines: Automatically draws Support or Resistance lines based on the 2nd and 3rd ZigZag pivot points.
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Uptrend: Connects Higher Lows.
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Downtrend: Connects Lower Highs.
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Auto Fibonacci Retracement: Plots Fibo levels on the most active swing (from point 2 to point 1) to measure the current pullback.
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Crucial Levels Included: Includes standard levels (23.6, 38.2, 50.0, 61.8) and the Golden Ratio extension (161.8) for taking profits.
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Visual Clarity: Color-coded lines for Uptrends (Green) and Downtrends (Red).
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No Repainting (on confirmed pivots): Relies on the standard ZigZag logic.
How it Works:
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The indicator identifies the 3 most recent key reversal points (P1, P2, P3).
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It analyzes the relationship between P2 and P3 to determine the market structure (Trendline).
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It draws a Fibonacci Retracement from P2 to P1 to show you where the price might retrace before continuing the trend.
Input Parameters:
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ZigZag Settings:
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InpDepth : Sensitivity of the ZigZag calculation (Default: 12).
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InpDeviation : Deviation points (Default: 5).
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InpBackstep : Backstep bars (Default: 3).
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Visual Settings:
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ColorUptrend : Color for bullish support trendlines.
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ColorDowntrend : Color for bearish resistance trendlines.
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ColorFibo : Color for Fibonacci levels.
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LineWidth : Thickness of the trendlines.
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Trading Tips:
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Look for price rejection at the 61.8% or 50.0% Fibo levels that align with the drawn Trendline for high-probability setups.
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Use this indicator on M15, H1, or H4 timeframes for best results.
